Inventory what you have done and what you still need to do financially this year.
The most popular financial resolution people make is to spend less while saving more and paying off debt.
These are admirable but worthless, if you do not act.
According to the US News article, titled “Keep Your Money Goals on Track with a Midyear Financial Checkup,” it is not too late to get on track.
Where should you start?
Any change in your situation could affect your tax strategy and planning.
Ask your employer for a W-4 form to account for adjustments in withholding.
Take advantage of retirement contributions or flexible spending accounts to maximize tax benefits from your employment.
Inventory your insurance.
Are you currently getting the appropriate coverage for your family?
Prepare to update your plans, especially if your employers have open enrollment for health insurance and other benefits in the fall.
Contribute to your emergency fund.
Most financial advisors recommend having three to six months of expenses tucked away in your emergency fund.
Did you dip into this account for summer vacation or perhaps for a crisis?
Begin replenishing by setting aside a portion of your paycheck every month.
Set up an estate plan.
Not having an estate plan is financial suicide.
Unfortunately, about 64% of Americans do not even have the most basic estate planning documents.
Do not be like them.
Meet with an experienced estate planning attorney to execute a power of attorney, health care directive and will.
If it has been a few years since you updated your plan, you should ask your estate planning attorney for a review.
Summer tends to be a slower time for many financial professionals, making it a great time to schedule and appointment to discuss your long-term goals and how to achieve them.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: US News (July 28, 2016) “Keep Your Money Goals on Track with a Midyear Financial Checkup”